Precious metals slump by over 3pc

precious-metals-slump-by-over-3pc

, NOVEMBER 28

and silver prices took a beating in the trading week between November 22 and 27, weighed down by resilient economic data, positive vaccine results and the start of the US presidential transition process.

According to the rate list of Federation of Gold and Silver Dealers’ Association (FeNeGoSiDA), gold was traded at Rs 94,300 per tola on Sunday and its price was stable the next day. Bullion price slumped by a staggering Rs 1,800 a tola to Rs 92,500 per tola on Tuesday and dropped by another Rs 1,000 a tola on Wednesday to be priced at Rs 91,500 per tola. Gold price was unchanged on Thursday, but fell by Rs 200 a tola on Friday to close the trading week at Rs 91,300 per tola.

The price of the precious yellow metal dropped by Rs 3,000 a tola or 3.18 per cent over the review period. However, compared to the previous week’s closing rate of Rs 94,000 per tola, gold price was down Rs 2,700 a tola or 2.87 per cent week-on-week.

In the international market, gold prices eased on Monday as drugmaker Astra- Zeneca injected fresh optimism into the race for a COV- ID-19 vaccine, bolstering appetite for riskier assets and overshadowing support for bullion from a weaker dollar.

Gold hit a four-month low on Tuesday as investors deserted the safe-haven metal following a US federal agency’s transition approval for Joe Biden and growing prospects for the swift release of an inexpensive vaccine.

Bullion edged higher on Wednesday after retreating in previous sessions, with a weaker dollar helping to offset a shift to equities and other riskier assets on hopes that coronavirus vaccines will spur econom


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